Live Oak Bancshares Names New Directors, Adjusts Exec Pay
Ticker: LOB-PA · Form: 8-K · Filed: Apr 4, 2024 · CIK: 1462120
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: LOBC
TL;DR
New directors and exec pay changes at Live Oak Bancshares (LOBC).
AI Summary
Live Oak Bancshares, Inc. announced on April 1, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Christopher L. Black and Michael L. Roff, to its board. Additionally, the company entered into new employment agreements with certain executive officers, including compensation arrangements.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can introduce uncertainty regarding future strategy and leadership effectiveness.
Key Players & Entities
- Live Oak Bancshares, Inc. (company) — Registrant
- Christopher L. Black (person) — Newly Elected Director
- Michael L. Roff (person) — Newly Elected Director
- April 1, 2024 (date) — Date of earliest event reported
FAQ
Who were the new directors elected to Live Oak Bancshares' board?
Christopher L. Black and Michael L. Roff were elected as new directors.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 1, 2024.
What are the main items reported in this Form 8-K?
This Form 8-K reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
In which state is Live Oak Bancshares, Inc. incorporated?
Live Oak Bancshares, Inc. is incorporated in North Carolina.
What is the principal executive office address for Live Oak Bancshares, Inc.?
The principal executive office address is 1741 Tiburon Drive, Wilmington, NC 28403.
Filing Stats: 486 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-04-04 16:07:46
Filing Documents
- lob-20240401.htm (8-K) — 22KB
- lob-20240401_g1.jpg (GRAPHIC) — 372KB
- 0001462120-24-000025.txt ( ) — 962KB
- lob-20240401.xsd (EX-101.SCH) — 2KB
- lob-20240401_lab.xml (EX-101.LAB) — 21KB
- lob-20240401_pre.xml (EX-101.PRE) — 12KB
- lob-20240401_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (b) On April 1, 2024, Glen F. Hoffsis informed the Board of Directors of Live Oak Bancshares, Inc. (the "Company") and Live Oak Banking Company, the wholly owned bank subsidiary of the Company (the "Bank"), that in the event he is reelected as a director at the Company's 2024 annual meeting of shareholders, he intends to serve for an additional year and retire from the Boards of Directors of the Company and the Bank effective at the Company's 2025 annual meeting of shareholders. Dr. Hoffsis's intention to retire is not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LIVE OAK BANCSHARES, INC. Date: April 4, 2024 By: /s/ Gregory W. Seward Gregory W. Seward General Counsel & Chief Risk Officer 2